Could a Yacht Be Considered Your Second Home?
They say that a home is where the heart is. However, when it comes to a second home, it can be where your heart is, or just about anywhere else, as far as the IRS is concerned. In fact, not only can a second home be just about anywhere, it can actually be just about any structure, including a yacht or even a sailboat.
That’s right, boats typically count as a second home in the IRS’s book for figuring tax breaks, as long as the boat has cooking, sleeping and toilet amenities. According to the IRS, when it comes to your federal income tax, home mortgage interest is any interest you pay on a loan that is secured by your home. If you itemize your deductions and you own a qualified home with a mortgage you can deduct the interest from that mortgage.
Likewise, for your federal income taxes, you can also deduct taxes on personal property based on the value of that personal property, including any taxes due on a boat. However, you must be using your yacht or other boat for personal use. You don’t even have to stay in the boat or second home anytime during the year in order to claim real estate, property and interest taxes as deductions.
So if you’re considering buying a yacht or you already have one, then make sure you are fully maximizing the tax breaks that could come with it. If you want to make sure you are taking advantage of every tax break possible, then contact GROCO today for help. Just call 1-877-CPA-2006.
Your Successes Are More Important Than Your Failures
Your Successes Are More Important Than Your Failures If you look back on your life, whether it’s life in general or your career, or just about anything else, most likely you will remember the good times more than the bad. Of course, that doesn’t mean everything has gone perfect and that you haven’t had your share…
Clientele and Industries Served
Clientele and Industries Served In addition to serving over 1,200 individual tax clients, Greenstein, Rogoff, Olsen & Company, LLP serves companies in a wide range of industries. This listing presents the range of industries served by our firm. Industries Served: Our clientele span many industries and income brackets. High Technology Manufacturing Construction Hospitality Real Estate…
5 Ways to Successfully Network
5 Ways to Successfully Network Word of mouth is no longer the only networking option. As technology and the business world develop, so do networking opportunities. As consequence of our current recession, the recent rise of unemployment rates has caused many individuals to turn to more self-sufficient ways of making a living by starting their…
7 Tax Tips for Starting Your Own Business
7 Tax Tips for Starting Your Own Business Have you ever considered starting your own business? According to a recent survey, the rates of early-stage entrepreneurial activity surged in 2011, jumping nearly 60% in the U.S. More than 12% of U.S. adults reported starting a business or running new businesses last year. This is an…